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Friday, 06 October 2017

KBS REIT Sells Suburban St. Louis Office Building for $85.5Mln

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KBS REIT Inc. has sold a 325,172-square-foot office building in suburban St. Louis for $85.5 million, or about $262.94/sf.

Franklin Partners bought the building at 190 Carondelet Plaza in Clayton, Mo.

KBS REIT had acquired the 16-story building, known as the Plaza at Clayton, in 2006 for $93 million. THF Realty Inc. was the seller. Plaza at Clayton is part of a mixed-use complex that includes retail space, as well as a 30-story apartment building with 82 units.

Earlier this year, KBS REIT announced plans to liquidate its portfolio and distribute the net proceeds to its shareholders by early 2019. The company was launched in 2005 and raised just less than $2 billion. It was the first non-traded REIT sponsored by KBS Realty Advisors, a Newport Beach, Calif., investment manager.

KBS REIT has dwindled its portfolio down to two properties, one of which is under contract. It expects to sell both of them by the end of the year. The identity of the properties could not be learned.

Comments? E-mail Tim Casey or call him at (267) 247-0112, Ext. 213.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: St. Louis
  • States: Missouri
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: No
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Dan Moynihan

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